NEW YORK, May 26, 2023 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Alvotech (NASDAQ: ALVO, ALVOW) resulting from allegations that Alvotech may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Alvotech securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=15814 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT: On April 13, 2023, after the market closed, Alvotech issued a press release entitled "Alvotech Provides Regulatory Update on AVT02 Biologics License Application. In this press release, Alvotech announced "that the U.S. Food and Drug Administration (FDA) has issued a complete response letter ("CRL") for Alvotech's Biologics License Application ("BLA") for AVT02, a high-concentration biosimilar candidate for Humira® (adalimumab). The CRL noted that certain deficiencies, which were conveyed following the FDA's reinspection of the company's Reykjavik facility that concluded on March 17, 2023, must be satisfactorily resolved before the application can be approved." Alvotech further announced that its second BLA for AVT02 remained under review, and that "satisfactory outcome of the facility reinspection remains the key requirement for approval.
On this news, on April 14, 2023, Alvotech's stock price fell from a closing price of $13.69 on April 13th to as low as $9.30, or 32%, before closing at $10.66 on April 14th, a 22.13% decline. On April 17th, it fell a further 11.35% to close at $9.45 after dropping as low as $9.25 in intraday trading, or 13.22%
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
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